In this video, we’re discussing what happens if you fail to report your crypto trades to the IRS.
First of all, it’s important to understand that the IRS considers cryptocurrency to be property, not currency. As such, any gains or losses you experience are taxable events. If you fail to report these trades, the IRS may take enforcement action against you.
The good news is that the IRS has recently announced that it will not take criminal action against taxpayers who fail to report their crypto trades. However, they may still issue fines and penalties.
If you’ve failed to report your crypto trades, it’s important to take action now. You can file an amended tax return to report any gains or losses, and you may want to consider talking to a tax professional to ensure that you are in compliance with the law.
It’s also important to remember that the IRS is always looking for ways to crack down on those who attempt to evade taxes. So if you’ve failed to report your crypto trades, it’s important to take action now.
